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Q. > Please Help: Income Tax
whether any exempted incomes (e.g. gift from relatives) are not included in incometax return are treated as a black money
answered Apr 27, 2012 by Vikash Kumar Jha , Cuttack
yes.
answered Apr 27, 2012 by Madhu Kiran , Hyderabad
Yes..! It should be shown under the category of Exempted Income while filing the Income Tax Returns otherwise it would not be considered as white and will be considered as an Undisclosed Income
answered Apr 27, 2012 by CA VIPIN GARG , New Delhi
Completely agree with the above two answers, it must be shown in the return as exempted income.....
Have a nice day......
answered Apr 27, 2012 by CA Richa Gupta , Faridabad
yes, as if u will not show in your return of income you will not be able to ans income tax authorities why you have not shown it as income (even exempted) in ITR. AS this is against the provision of income tax.
answered Apr 29, 2012 by CA Satuti Mahajan , batala
Yes even if the income is exempt, then it is also necessary to show in the return.
answered Jul 01, 2012 by Rambabu Senkarasetti , Guntur
yes
answered Jul 01, 2012 by Rambabu Senkarasetti , Guntur
yes
Experts Panelist
Comments
CA. SURESH Kr. AGARWAL
02-May-2012 , 10:28:59 amI agree with the views of the above answers. One should show it in their ITR else it will be treated as a black money.